- Oil is trading lower, around $73.25, after three days of gains
- US oil output hit a new record high, according to data from the EIA, of 13.3 MMBbl/d
- The US is taking stronger steps to enforce the price cap on Russian oil, with the treasury department sanctioning several traders
- Angola to leave OPEC over quota dispute (BBG)
- Angola has announced that they will be exiting OPEC after disagreeing with OPEC’s leadership this year
- Last summer, OPEC asked Angola to accept a lower production rate for 2024 due to the country’s declining output, which has fallen 40% over the past eight years to 1.14 MMBbl/d
- After a review by external consultants, OPEC lowered Angola’s quota further to 1.1 MMBbl/d in their most recent meeting
- Transmountain pipeline change denied (BBG)
- The long-delayed and overbudget Transmountain expansion has been denied a variance request by regulators who said the plans were contrary to public interest and environmental issues
- TMX was originally denied the variance request earlier this month but was able to reapply
- Developers have warned that a denial of the variance request could lead to a two-year delay in the pipeline entering service